Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

February 18, 2009

Good News

by @ 1:06 pm. Filed under Registry Ops

Finally, some good news….according to the Mortgage Bankers Association mortgage applications (and I quote) “soared” over the last couple of weeks. Of course, the surge is being fueled by refinancing. How much of a surge? Well, check out this quote from Reuters… “A drop in mortgage rates to a record low 4.89 percent in early January pushed MBA’s (Mortgage Bankers Association) applications index to 1,324.8, the highest reading since July 2003”.
July 2003! Are you kidding? I’ll tell you about July 2003!
In July 2003 the Middlesex North Registry of Deeds recorded 15,337 documents for the month, 4,877 of which were mortgages. That’s just a bunch of numbers right. OK, here’s a means of comparison…Last July (2008) we recorded a total of 4,834 (as compared to 15,337 in 2003) of which (are you ready?) 926 were mortgage, that’s compared to 4,877 in 2003. Hopefully, this increase reflects a long lasting trend and not just a short phase, if so things maybe getting very busy around here in the next few weeks. I’ve got my fingers crossed.

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